Punjab State Co-operative Bank enhances its efficiency by means of Flexcube

[img_assist|nid=7561|title=|desc=|link=none|align=left|width=168|height=112]Rolling out  Flexcube core banking technology , powered by Oracle Database and Oracle Real Application Clusters,  Punjab State Co-operative Bank (PSCB) is about to conduct an operation on deployment of the core banking system across its all 800 branches of the 19 district central co-operative banks, according to Indian fintech vendor I-flex . I-flex subsidiary Flexcel will deploy, host and manage the core banking system.

At present, the technology has been successfully deployed in about 40 branches, and the next 200 locations are awaiting their turn.

The program of deployment was worked out to improve transaction processing and to provide online, real-time banking to accounts from any of the 800 bank branches in the network. Plus it will help PSCB to set the fixed standardization of products and services to customers.

PS Sidhu, MD, Punjab State Co-operative Bank, says: "We selected Flexcube, Oracle Database and Oracle Financial Services OnDemand to enhance our efficiency by replacing manual processes, maintain the customer intimacy we have created over the years, and develop competitive differentiation because we expect the market to be increasingly demanding."

One month before i-flex got a consent of both shareholders and regulatory body sides to change the company name to Oracle Financial Services Limited. I-flex explained that the new name signs its "close strategic and operational alignment" with parent company Oracle, which holds an 81% stake in its business.